Thursday, September 25, 2008

Democrats and the economic crisis

We are in the most serious economic crisis since the Great Depression. The Democrats think this is no time for "finger pointing." They have good reason not to want any finger pointing:

In 1977 Democratic President Jimmy Carter established the Community Reinvestment Act which encouraged fiscally unsound lending practices by banks.

In 1995 Democratic President Bill Clinton strengthed the Community Reinvestment Act substantially increasing the number of risky loans provided.

As a result, by 2007 "Fannie and Freddie owned or guaranteed nearly half of the $12 trillion U.S. mortgage market" (Community Reinvestment Act).

Meanwhile, back in 2005 John McCain, Alan Greenspan and others were sounding the warning about Fannie Mae and Freddie Mac. In fact, McCain and three other Senators proposed legislation to deal with the problem but the legislation was blocked by the Democrats! (Gateway Pundit).

As it turns out, the Bush administration called for reform of Fannie Mae and Freddie Mac 17 times in 2008 alone! The Democratic Congress ignored him.

So why would the Democrats ignore such serious warnings? Could it have anything to do with the fact that the three top recipients of money from Fannie Mae and Freddie Mac are Democratic senators Chris Dodd ($165,000), the current Presidential candidate Barack Obama ($126,349) and the last Democratic Presidential candidate, John Kerry ($111,000)?! (News Busters)

Could it have anything to do with the fact that Democratic Senator Chris Dodd--the chairman of the Senate Banking committee which oversees Freddie Mac and Fannie Mae--has accepted $165,000 from these two organizations?

What on earth is Chris Dodd doing accepting any money from organizations he oversees? Isn't that called "corruption"?

Something genuinely stinks in all of this and I hope the FBI is investigating, because the mainstream media is certainly asleep at the switch!

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